News Column

Philippine Markets Retreat on Bernanke Remarks

June 21, 2013

Philippine share prices dropped 2.28 per cent Friday as more foreign funds retreated from the market as an end loomed for the US Federal Reserve's bond-buying programme.

The 30-share composite index of the Philippine Stock Exchange lost 144.5 points to close at 6,182.17.

A total of 3.41 billion shares worth 12.96 billion pesos (301.39 million dollars) were traded. Decliners led advancers 141 to 31 while 23 issues were unchanged.

Traders said the foreign fund sell-off has also affected the local currency with the peso weakening to a one-year low of 44.17 against the dollar before closing at 43.72.

World markets tumbled in the wake of Wednesday's announcement by Fed Chairman Ben Bernanke that the central bank this year might slow its buying of bonds, which have sent stocks around the globe higher, as the US economy improves.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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